Against a very challenging operating environment, we consider Raven’s H115 performance to have been robust, and ahead of that implied by our full-year estimates. Net operating income was down 3% on H114 and underlying EPS and NAV by 3% each. The focus continues to be on collecting rents and maintaining occupancy, with no current development projects to fund. The cash balance is strong with no near-term funding needs. We believe Raven is strongly positioned to weather the likely challenges and take opportunities when recovery comes.
